Regarding the "Digital Credit Capital Framework" released by $Strategy today, my view:

This is not a defensive repurchase, but a public reordering of capital allocation priorities. The five components point to one thing—after mNAV fell below 1 and the flywheel of issuance and coin buying failed, the company prioritized survival as: protect preferred stock credit > protect common stock price > liquidate bitcoin:native if necessary.

A few numbers worth noting:

Holdings of 847,363 coins, average cost $75,651, still above the current price; in the last disclosure week $MSTR did not buy Bitcoin.

USD reserves of $2.55 billion. But the key is coverage: in October 2025, $2.25 billion in reserves covered dividends for over 2.5 years; today, $2.55 billion covers only 12 months (partially used for repurchases). $STRC ’s dividend was simultaneously raised to 12%, supporting par value at a higher cost.

New authorization: up to $1.25 billion worth of Bitcoin may be liquidated to replenish reserves, pay preferred dividends, and for repurchases.

Conclusion: This is an inevitable choice after the reflexive premium disappeared. bitcoin:native has shifted from being the company’s “goal” to a liquidity source supporting its credit structure; $Strategy has also shifted from a marginal buyer in the market to a potential marginal seller.

Boundary to clarify: The above judgment is premised on Bitcoin remaining weak and the premium being unrecoverable. Once the coin price rebounds and mNAV returns above 1, the issuance and coin-buying mechanism can restart within weeks. Therefore, this is a state falsified by Bitcoin’s price, not an endgame.